Appraisals, Taxes and the IRS

Appraisals for the IRS, State of Oregon, and Property Taxes

The IRS requires Real Estate appraisals in many instances such as estate filings, inheritance, gifts, and even real estate donations. The State of Oregon Department of Revenue has rules for real property as well which will require appraisals.  Bernhardt Swiss Trust Appraisal understands your needs and the requirements needed for you to comply with your mandatory duties when it comes to taxes and real estate.

Appraisals for IRS – Estate Taxes on Real Property

In 2018, estates with a total value of over $11,180,000 require an IRS estate tax return (Form 706) and all real estate in the estate will need valuation. If you are an executor or administrator of an estate – you have been entrusted to carry out the wishes of the deceased’s estate plan as swiftly and exactly as possible. You will need to hire a licensed and certified appraiser to appraise each piece of real estate within the prescribed time. If the properties will be sold and the proceeds divided amongst the heirs – you will also need an accurate snapshot of the valuation of those properties at time of death – the IRS has another form (8939) you’ll also need to file.

Oregon Estate Taxes on Real Property (State)

In the State of Oregon, estates valued at over one-million dollars are taxed. This is in addition to any IRS estate taxes owed. The Oregon Estate Tax Rules are straight forward. The executor, administrator, or a fiduciary of the estate is required to file under Oregon Law when real property is involved. A certified appraisal will be needed to prove the value under $1 million for exemption, or if over $1 million an appraisal will be needed to determine the tax owed. Once the appraisal is completed, the amount will be listed on the Oregon Estate Transfer Tax Return form  (Form OR-706)

The appraisal process can be confusing and difficult at the time of Inheritance or an Audit. Nathan says his job is to connect with you, and simplify the process for you. At Bernhardt Appraisal, the number one job as a real estate appraiser is to be credible.

Real Property Gifts (IRS)

If you want to gift a real estate to one or more of your offspring while you are still living, this could trigger an IRS taxable event. The value of that property at the time of the gift will need to be duly noted, and you will need a certified appraisal, proving its value. Taxes are required on gifts of more than $15,000 in one calendar year.

Donated Real Property (IRS)

If you are going to gift or donate property to a non-profit, or give real property to a government agency to set aside for a park or open space you will need to have an appraisal (snap-shot of the property’s value at the time of transfer). You will need to fill out the IRS Form 8283 section B, which you must attach to your tax return and have signed by a certified and licensed appraiser once a qualified appraisal is completed on the donated or gifted real estate – not more than 60-days prior to transfer. IRS Document 561, page 10 explains the stipulated information.
The estate tax laws and real estate taxation rules can be confusing. Mr. Bernhardt knows it’s his responsibility to get you the property valuation figures you need so you can fulfill your requirements under the IRS Federal Tax Code, and the State of Oregon Department of Revenue rules. Nathan has the experience, knowledge, and insight to get it done right, and he’ll complete your appraisal on a timely basis so you meet your mandatory tax reporting obligations.

Tax and IRS Home Appraisal Resources in Portland, Oregon

It is important to provide an Appraisal to the Irs that meets the requirements of the courts and various agencies. The Appraiser must also be qualified by the IRS to make the Appraisal.
– Paralegal Services
– Oregon State Bar Association
– MBA Multnomah Bar Association
– Washington County Bar Association
– Clackamas County Bar Association
– Tax Lawyers in Oregon
– Tax Lawyers Search
– Tax Law Attorneys
– Portland Oregon Lawyer Search
– Legal Resources
– Legal & Professional
– Self-Help Resources
– Oregonlawhelp.org civil legal issues
– Oregon Legal Resources
– Comprehensive Legal Resources
– Self-Representation State Links
– Office in Oregon

Contact Us

Start the conversation…
How can I help with your real estate appraisal?

Tax and IRS Home Appraisal Resources in Portland, Oregon

It is important to provide an Appraisal to the Irs that meets the requirements of the courts and various agencies. The Appraiser must also be qualified by the IRS to make the Appraisal.
– Oregon State Bar Association
– MBA Multnomah Bar Association
– Washington County Bar Association
– Clackamas County Bar Association
– Tax Lawyers in Oregon
– Tax Lawyers Search
– Tax Law Attorneys
– Portland Oregon Lawyer Search
– Legal Resources
– Legal & Professional
– Self-Help Resources
– Oregonlawhelp.org civil legal issues
– Oregon Legal Resources
– Comprehensive Legal Resources
– Self-Representation State Links
– Office in Oregon

Contact Us

Start the conversation…
How can I help with your real estate appraisal?

We have collected some videos that you may find helpful during this time.

Bernhardt Appraisal is proud to be associated with these reputable institutions.

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